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Editorial Results (free)

1. More Americans Expect to Work Until 70; There are Benefits -

When it comes to retirement, later may be better.

Americans long viewed 65 as the age to stop working. It was considered full retirement age by Social Security for many, Medicare benefits kick in then and historical practice had established it as the goal.

2. Trump Nominates Jerome Powell to be Next Fed Chairman -

WASHINGTON (AP) – President Donald Trump on Thursday announced his choice of Federal Reserve board member Jerome Powell to be the next chairman of the nation's central bank, succeeding Janet Yellen, the first woman to hold the position.

3. Trump Indicates Fed Search Down to 5 Finalists -

WASHINGTON (AP) – President Donald Trump said Tuesday that he is likely to make his selection for the next Federal Reserve chairman from five candidates, a group that includes current Chair Janet Yellen.

4. What are the Odds? Blackburn is Still the Favorite -

Tennessee has its search firm and its search committee is in place to find the replacement for Dave Hart as the university’s athletic director.

Hart announced last August he would retire June 30, and with Tennessee undergoing a transition in its chancellor’s position, the search for Hart’s replacement was put on the back burner.

5. Videographer to Release Stanford Documentary -

One night several years ago, while he was watching Alex Gibney’s film, “Enron: The Smartest Guys in the Room,” Houston-based videographer Dave Henry got an idea.

6. FedEx Extends Title Sponsorship of St. Jude Classic -

FedEx has extended its title sponsorship of the FedEx St. Jude Classic through 2017, the PGA Tour announced Monday, June 1.

“FedEx epitomizes the charitable purpose of the PGA TOUR and what we’re all about,” said PGA TOUR commissioner Tim Finchem. “It continues to play a vital role in growing the FedEx St. Jude Classic’s impact throughout the Memphis community and, in particular, the St. Jude Children’s Research Hospital. We are absolutely delighted that FedEx will continue its commitment.”

7. Sammons 'Very Interested' in Wharton's Chief Administrator Job -

The Memphis City Council and the chief administrative officer both have offices in City Hall.

But to Jack Sammons, who served on the council for more than 20 years and was Chief Administrative Officer for eight months, there is no contest over which job is better.

8. University School of Nashville Kicks Off Centennial -

It was the summer of 1915, and a young Nashville educator had the audacity to suggest that a basement schoolroom on the grounds of the George Peabody College for Teachers might serve as a model for preparatory schools.

9. Cannon Works for Golf Tournament's Success -

The putter and a few white golf balls sit next to a wall in Phil Cannon’s office at TPC Southwind. It seems logical, the long-time director of the FedEx St. Jude Classic having golf equipment within easy reach.

10. Debt: Prepay or Let It Ride? -

Ray’s take: There was a time when debt was something to be proud of. It was the badge of progress and a good credit rating. 2008 made us all rethink the place of debt in our lives.

If you have debt, you should think carefully about keeping it or prepaying it.

11. Diversified Trust Makes Promotions in Memphis -

Memphis-based Diversified Trust, a comprehensive wealth management firm with more than $5 billion in assets, has promoted seven professionals in its Memphis office.

Robin Smithwick, managing principal of Diversified’s Memphis office, attributed the move to the company’s next generation of leaders becoming more visible and taking on greater responsibility around the firm, which also is celebrating its 20th anniversary this year.

12. March 14-March 20: This week in Memphis history -

2013: Executives of Bass Pro Shops went back to the drawing board for their signage on The Pyramid after renderings of the signage and details prompted concern from citizens and the Downtown Memphis Commission’s Design Review Board. The new proposal that would surface later was approved by the review board.

13. Few Eligible Patients Can Get Weight Loss Surgery -

WASHINGTON (AP) – Like 78 million other Americans, MaryJane Harrison is obese.

And like many critically overweight Americans, Harrison cannot afford to have weight loss surgery because her health insurance doesn't cover it. The financial burden makes it nearly impossible for her to follow the advice of three physicians who have prescribed the stomach-shrinking procedure for Harrison, who is four-feet, 10 inches and weighs 265 pounds.

14. Microsoft Says CEO Ballmer to Retire in 12 Months -

NEW YORK (AP) – Microsoft CEO Steve Ballmer, known as much for his zany personality as his business discipline, will leave a legacy of mixed results and a monumental challenge for his yet-to-be-named successor.

15. Non-Financial Fraud’s Growing Threat -

Conventional fraud is all too familiar, including misappropriation of assets (better known as employee theft) and financial statement fraud (Enron, WorldCom and Stanford Financial Group).

However, a type of fraud climbing out from under-the-radar status is non-financial fraudulent statements – false or misleading information produced by an organization to the public or regulatory body.

16. Ex-Stanford Executive Gets 3 Years for Swindle -

A top executive in the now-defunct empire of disgraced Texas financier R. Allen Stanford was sentenced to three years in prison Thursday, Sept. 13, for her role in helping the once jet-setting businessman bilk investors out of more than $7 billion in one of the biggest Ponzi schemes in U.S. history.

17. Financier Stanford Convicted in $7 Billion Fraud -

HOUSTON (AP) – Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was convicted Tuesday on all but one of the 14 counts he faced for allegedly bilking investors out of more than $7 billion in massive Ponzi scheme he operated for 20 years.

18. 2008 Model Predicts Effects of Airline Mergers -

Two years ago, a trio of economics professors at Stanford University’s Graduate School of Business, checked in on a model they built in 2008 to measure and predict the long-term effects of U.S. airline mergers on specific markets, including Memphis.

19. Ripples From Stanford Scheme Still Felt in Memphis -

The court-appointed receiver who’s unwinding the now-defunct operations of Stanford Financial Group – once fueled by money from a giant Ponzi scheme – is preparing to sell off Stanford property in Collierville.

20. Ripples From Stanford Scheme Still Felt in Memphis -

The court-appointed receiver who’s unwinding the now-defunct operations of Stanford Financial Group – once fueled by money from a giant Ponzi scheme – is preparing to sell off Stanford property in Collierville.

21. Psychiatrists Say Stanford Not Competent for Trial -

HOUSTON (AP) — Two psychiatrists testified Thursday that former Texas billionaire and financier R. Allen Stanford, who is set to go to trial at the end of the month on charges he bilked investors out of $7 billion in a Ponzi scheme, is not mentally competent to go forward with his case.

22. $200M Charge Leads to Regions’ Q2 Loss -

One of the drivers of Regions Financial Corp.’s second quarter loss of $277 million announced Tuesday was a $200 million charge recorded by its Memphis-based investment banking subsidiary.

23. Morgan Keegan $200M Charge Leads to Region's Q2 Loss -

One of the drivers of Regions Financial Corp.’s second quarter loss of $277 million announced Tuesday was a $200 million charge recorded by its Memphis-based investment banking subsidiary.

24. TDN Coverage Of Stanford Financial Claims TPA Award -

The Daily News claimed four awards in the Tennessee Press Association awards announced this weekend.

Senior Reporter Andy Meek’s coverage of the criminal investigation of Stanford Financial and the charges against the financial group’s owner and two other executives claimed first place in the best news reporting category for daily newspapers with a combined weekly circulation of over 5,000 to 15,000.

25. St. Jude Tourney Gets New Sponsor -

Medical device company Smith & Nephew Inc. will be the presenting sponsor of the 2010 St. Jude Classic.

26. Morgan Keegan Responds to Federal, State Charges -

Morgan Keegan & Co. Inc. CEO John Carson has written a letter to investors replying to charges from federal and state regulators for his firm's alleged mishandling of six mutual funds that lost $2 billion.

27. Snowflake Technologies Breaks Away -

Snowflake Technologies Corp. has emerged from the ashes of Luminetx.

The former subsidiary of Luminetx Corp., which was not part of the deal when Christie Digital Systems Inc. acquired the company in December, is now a free-standing company with its own board of directors.

28. Stanford Downfall Offers Lesson for Wary -

One thing appears clear one year after the alleged investment fraud that wrecked Stanford Financial Group: All that glitters is not gold.

Made popular in Shakespeare’s play “The Merchant of Venice,” the phrase was inside the golden casket a prince had chosen after deciding its appearance made it the obvious answer to a rich woman’s puzzle.

29. Judge Acquits 2 Ex-Stanford Employees -

MIAMI (AP) - Citing weak evidence, a federal judge on Friday acquitted two former employees of fallen financier Allen Stanford on charges they illegally shredded thousands of company documents to hinder the federal probe into an alleged $7 billion Ponzi scheme.

30. House of Cards -

It’s a little more than halfway through the first meeting of the state Senate’s Commerce, Labor and Agriculture Committee in 2009, in a nondescript hearing room in Nashville’s Legislative Plaza.

Four bank executives from around the state are seated at a table in front of a row of senators. A line of questioning is about to put the bankers on the hot seat.

31. Christie to Keep VeinViewer Operations in Memphis -

Christie Digital Systems, the new owner of the VeinViewer technology, will keep jobs associated with the medical imaging device in Memphis, company officials said Wednesday.

Christie announced it had acquired “substantially all the assets” of Luminetx Corp. and will create a new medical products business called Christie Medical Holdings Inc. Luminetx shareholders approved the acquisition last month.

32. Christie to Keep VeinViewer Operations in Memphis -

Christie Digital Systems, the new owner of the VeinViewer technology, will keep jobs associated with the medical imaging device in Memphis, company officials said today.

Christie announced it had acquired “substantially all the assets” of Luminetx Corp. and will create a new medical products business called Christie Medical Holdings Inc. Luminetx shareholders approved the acquisition last month.

George Pinho, previously the company’s senior director for business product development, is now the president of Christie Medical.

Pinho is in Memphis this week but will oversee operations here from the Christie Digital Systems Canada Inc. headquarters in Kitchener, Ontario. The company also has a U.S. headquarters in Cypress, Calif.

“We’re excited by the potential of this acquisition,” Pinho said. “Christie’s goal is to diversify into emerging markets and we saw a unique opportunity to enter the medical imaging industry.”

The VeinViewer allows medical practitioners to easily see subcutaneous veins by projecting a real time image of their location onto the surface of the skin. Christie, a global visual technologies company that is a wholly owned subsidiary of Ushio Inc. of Japan, has expertise in projectors and visual technologies used for entertainment and educational purposes.

Medical imaging will be a new product line for the company.

“Our combined teams will create exciting growth opportunities through our collective capabilities and complementary technologies,” Pinho said.

Although the headquarters for the newly created Christie Medical Holdings Inc. will not be in Memphis, that does not mean jobs will be moved from here, said Dorina Belu, senior manager of media and communications for Christie.

“There is no change to the service, support and distribution of the VeinViewer business,” Belu said. “Customers are going to get the continued service, support, distribution and all of that, which began in Memphis. There is no change to that at all.”

Luminetx employed less than 100 people in Memphis.

Herb Zeman, a now retired professor from the University of Tennessee Health Science Center, invented the VeinViewer technology and founded Luminetx. The technology was heralded as one of “the Most Amazing Inventions of 2004” in Time magazine.

But the company was hurt by management turnover, boardroom conflicts, the downfall of one of its major investors, Stanford Financial Group, and legal fights with a new competitor.

Luminetx was running out of operating cash and was losing money when shareholders approved its acquisition. Christie, which had already loaned Luminetx $1.5 million, paid $15 million for the company and forgave the loan.

It did not acquire all of Luminetx’s patented technologies. Luminetx shareholders retained the company’s Snowflake Technologies Corp. subsidiary, which is developing a biometric identification product.

Luminetx last month terminated the employment of Richard Kindberg, who had been the company’s chief executive officer for nine months, when the board of directors voted in favor of the acquisition. Kindberg has filed suit against the company because of his dismissal.

Chris Schnee, who took over as interim chief executive officer, will remain on board with Christie Medical Holdings Inc. He will serve as general manager and vice president of sales and marketing.

Schnee said new opportunities arise with the new ownership.

“Christie’s extensive history and expertise in visual displays will offer exciting opportunities and applications for the VeinViewer technology platform,” Schnee said. “Christie’s global presence and world-class manufacturing and engineering know-how in visual display technology will enable us to expand our products into multiple new markets and to continue advancements in bettering patient care the world over. We look forward to finding new and better ways to improve health care delivery.”

...

33. Visible School Names Ellis To Modern Music Ministry Faculty -

Bill Ellis has been hired to the Visible School faculty in the Modern Music Ministry program.

Ellis will teach guitar, the history of pop music and hands-on courses in world music and ethnomusicology.

34. 2009 Year In Review -

2009 was a year without a script – and plenty of improvising on the political stage.

It was supposed to be an off-election year except in Arlington and Lakeland.

2008 ended with voters in the city and county approving a series of changes to the charters of Memphis and Shelby County governments. Those changes were supposed to set a new direction for both entities, kicking into high gear in 2010 and ultimately culminating two years later.

35. Sale of Luminetx Proposed as Company Flounders -

Luminetx Corp. is operating in the red and may soon run out of money unless its shareholders agree to sell the company to Christie Digital Systems Inc.

36. Sale of Luminetx Proposed as Company Flounders -

Luminetx Corp. is operating in the red and may soon run out of money unless its shareholders agree to sell the company to Christie Digital Systems Inc.

37. Journalist Who Helped Spark Madoff Downfall to Speak Tonight in Memphis -

To the financier blessed with what looked like the Midas touch, she was “that idiot woman from Barron’s.”

What earned financial journalist Erin Arvedlund that scornful crack from Bernie Madoff was an article she wrote for Barron’s magazine about eight years ago. Headlined “Don’t Ask, Don’t Tell” and based on more than 100 interviews, it was one of the first news stories to question the inexplicable way Madoff’s hedge fund empire made money hand over fist.

38. Stanford Receiver to Investors: Don’t Expect Much Back -

Under the most optimistic scenario, as much as 20 cents on the dollar could be returned to victims of the investment fraud that brought down Stanford Financial Group.

That’s among the findings in a status report filed in the Texas court where federal regulators are trying to prove Stanford was a financial house of lies built on an illusion of wealth. The status report was prepared by Dallas attorney Ralph Janvey, the court-appointed receiver whose team is mopping up what’s left of the network of assorted companies under the Stanford nameplate.

39. Stanford Legal Team Hints at Need for More Time -

Lawyers representing R. Allen Stanford, the jailed Texas financier accused of running a massive Ponzi scheme, say they have their work cut out for them.

40. Stanford Returned to Jail After Fight With Inmate -

Texas financier R. Allen Stanford was returned to lockup Sunday afternoon after being hospitalized for treatment of a concussion following a jail fight.

41. Beware of Stanford’s Echoes in Memphis -

The perp walks are a fading memory. So is R. Allen Stanford’s protestation of innocence during a night on the town earlier this year.

42. After the Fall: The messy cleanup of Stanford Financial -

R. Allen Stanford, the Texas billionaire now passing time in a Texas jail for his role in what U.S. regulators have called a “massive Ponzi scheme,” once told a roomful of his employees they ought to have three priorities in life.

43. Fed's Steps to Aid Banking System Raise Risks, Too -

WASHINGTON (AP) - The Federal Reserve's bold steps to prevent the banking industry from collapsing last year have injected new dangers into the financial system.

Analysts and government officials fear that the nation's biggest banks will be emboldened to resume excessive risk-taking on the belief that the Fed will be there – again – to prevent them from collapsing.

44. Opposition To Stanford Receiver’s Fee Request Mounts -

This story is just one of hundreds of news stories and blog entries that have been written almost daily about the Stanford Financial Group investment scandal.

A public relations firm eventually will gather all of the Stanford media reports on behalf of the court-appointed receiver who’s in charge of what’s left of Stanford’s international business network. Those media reports will be printed, assembled and bound into a hard copy collection.

45. Stanford Back in Jail Following Aneurysm Surgery -

R. Allen Stanford, the jailed financier accused of bilking investors out of billions of dollars in a massive Ponzi scheme, had surgery for an aneurysm in his leg Wednesday morning, according to news accounts. The procedure followed a cardiac catheterization Stanford underwent earlier in the week.

46. Plea Deal Reveals New Details About Swindle Case -

HOUSTON (AP) – The former finance chief for jailed Texas financier R. Allen Stanford said his boss created a business empire where blood oaths were taken to secure loyalty, bribes were paid from a secret Swiss bank account and investor profits were more fiction than financial genius.

47. Accused Financier Stanford Hospitalized -

HOUSTON (AP) – Texas financier R. Allen Stanford, jailed on charges of bilking investors out of $7 billion, has been hospitalized with an irregular heartbeat and high pulse, the judge in his case said Thursday.

48. Runaway Receiver at Odds With SEC in Stanford Case -

DALLAS (AP) – The attorney who’s supposed to clean up what the government says was Texas businessman R. Allen Stanford’s multibillion-dollar Ponzi scheme is managing to anger just about every party involved in the case.

49. Paul Stanley's Fall From Grace -

Jim Kyle, a Memphis Democrat who serves as minority leader in the state Senate, gave the first lunchtime address of 2009 to the Memphis Rotary Club.

Rotarians got a bird’s-eye view of the state’s financial picture from Kyle, who described choices needed to close the state’s budget shortfall. Kyle this week announced his candidacy in the 2010 gubernatorial race.

50. Feds Try to Halt Civil Case Against Stanford -

The U.S. Department of Justice wants a federal judge in Texas to put the brakes on the first stages of a civil fraud case filed in February against Texas financier R. Allen Stanford and several former subordinates.

51. Attorney Says Stanford CFO Makes Plea Deal -

HOUSTON (AP) - The former chief financial officer of indicted Texas financier R. Allen Stanford's business empire will plead guilty to charges alleging he helped swindle investors out of $7 billion, his attorney said Wednesday.

52. Billionaire Stanford Pleads Not Guilty To Fraud -

HOUSTON (AP) – Texas billionaire R. Allen Stanford pleaded not guilty Thursday to charges he swindled investors out of $7 billion as part of a massive investment scam.

Stanford entered his plea during his arraignment in federal court. Authorities have alleged that Stanford used his international banking empire as a pyramid scheme, which typically operates by paying off earlier investors with money collected from later investors.

53. Stanford Receiver Relentless On Legal Fees -

When the court appointee in charge of what’s left of Stanford Financial Group asked a judge’s permission last month to pay invoices of almost $20 million for the work he’s done so far, it wasn’t a popular request.

54. More Details Emerge After Stanford Indictment -

Federal prosecutors and financial regulators have unveiled new civil and criminal charges against disgraced Texas financier Allen Stanford and several former subordinates.

The charges include new details about the case against Stanford made public four months ago when regulators put the powerfully built Texan at the center of an alleged $8 billion investment fraud.

55. Oppenheimer Memphis Office Closing -

About three months after New York-based investment firm Oppenheimer & Co. Inc. hired several former Stanford Group Co. financial advisers to open a Memphis office for Oppenheimer, the company is shutting it down.

56. Stanford, SEC Talk Down Receiver’s Fee Requests -

It may be the only time Allen Stanford and the federal agency that helped dismantle his financial empire find something they can agree on.

57. Stanford Attorneys Bail On Humbled Financier -

Several attorneys working for the billionaire namesake of Stanford Financial Group have filed notice with a Texas court of their intent to withdraw from the case.

Meanwhile, Stanford’s former chairman, R. Allen Stanford, has another opponent chomping at the bit to enter the latest legal fray against him: his estranged wife, Susan.

58. Holt First In Stanford Financial Trio To Be Indicted -

The chief investment officer for Texas financier Allen Stanford’s business empire before regulators shut it down three months ago is now the first Stanford executive indicted after a sweeping probe of the organization.

59. First Indictment In Stanford Financial Probe Names Holt -

The chief investment officer for Texas financier Allen Stanford’s business empire before regulators shut it down three months ago is now the first Stanford executive indicted after a sweeping probe of the organization.

60. SEC Letters Show Early Red Flags in Stanford Case -

“Is this possible and secure?”

The subject of that question was Stanford Financial Group, the business empire accused by federal regulators of perpetrating a multibillion-dollar investment fraud. An accountant who worked in Mexico’s banking industry asked it in a 2002 letter to the U.S. Securities and Exchange Commission.

61. Regulators Oppose Release Of Stanford Funds -

U.S. regulators are investigating whether R. Allen Stanford, the financier accused of running an $8 billion fraud, has violated a federal court order freezing his assets.

62. SEC Urges Keeping Stanford Assets Freeze -

The U.S. Securities and Exchange Commission wants a federal judge to say no to R. Allen Stanford’s request that $10 million of his assets be unfrozen to help cover his legal tab.

63. Stanford Receiver Details Finding -

The court-appointed receiver who’s been working to untangle the complicated financial web of the Stanford Financial group of companies last week gave a detailed look into what he’s done so far and why.

64. Stanford Receiver Details Findings - The court-appointed receiver who’s been working to untangle the complicated financial web of the Stanford Financial group of companies last week gave a detailed look into what he’s done so far and why.

The status report Dallas attorney Ralph Janvey filed in the Texas court where a sprawling federal case is unfolding against Stanford provides new details about the motivations, goals and progress of Janvey’s efforts. Janvey was appointed as Stanford’s receiver in February shortly after the U.S. Securities and Exchange Commission filed a civil suit claiming the Stanford business empire was built on secrets, deception and a multibillion-dollar investment fraud.

Fighting back

Details of Janvey’s efforts come at the same time Stanford’s Chairman Allen Stanford, a billionaire Texan with a towering physique and a penchant for the game of cricket, has begun to raise his media profile. In an interview he gave to The New York Times, Stanford told the paper he can’t use any of the credit cards in his wallet, his bank accounts are frozen and he’s been locked out of his apartment on the island of St. Croix.

Far from pulling his punches in light of a looming criminal indictment, Stanford in the interview also blasted the SEC for “squandering” the assets of the assorted Stanford companies. He also called Janvey a “jerk” whose aides “can’t find their rear end from a hole in the ground,” according to The Times.

Stanford filed a sharply worded memorandum this month in the Texas court answering some of the charges against him. He said the Stanford receiver has seized all of his money, important records, most of his clothing and personal possessions.

The Stanford companies “provided service to thousands of valued clients,” his memo reads. “They employed thousands of honest, hard-working people. Stanford’s companies were real companies with real assets, real profits and real employees serving real clients.”

CD dealing

Meanwhile, Janvey’s report last week attempts to shed light on some of the things he has found.

He writes, for example, that Stanford’s operation consisted of more than 100 companies spread across the globe, with locations spanning 15 U.S. states and 13 countries in Europe, the Caribbean, Canada and Latin America.

Partly based on the work of a forensic accountant, the Stanford receiver believes the purpose of the combined Stanford operation was simple: bring in outside money through the sale of CDs issued by Stanford’s offshore bank. And to do that, brokers were paid handsomely through a compensation structure that made the whole enterprise unsustainable without the money generated from CD sales, according to the receiver.

“To the outside world … these financial businesses appeared to be independently viable,” reads the receiver’s status report. “The receiver believes, however, based on his investigation to date, that the principle purpose and focus of most of the combined operations was to attract and funnel outside investor funds into the Stanford companies through the sale of the CDs issued by Stanford’s offshore entity (Stanford International Bank).

“Once CD funds entered the Stanford companies, they were dispersed to Allen Stanford or to other Stanford-owned entities or used to purchase private equity and other investments, to pay CD redemptions and interest or to pay expenses and obligations.”

Following the trail

The receiver appears to believe Stanford’s far-flung operation – which included a now-shuttered Memphis office – arguably owed its continued existence to money brought into the organization via the CD sales. The Stanford empire had a strong Memphis connection, with an investment brokerage office here as well as offices at one time for both Stanford’s chief financial officer James Davis and chief investment officer Laura Pendergest-Holt, both of whom were named in the SEC complaint.

As of Feb. 22, the receiver’s data show about $7.2 billion worth of CDs were outstanding and in the hands of approximately 21,500 holders around the world. But much of the cash received from CD sales apparently cannot be found.

The receiver also has asked the accounting firm of Ernst & Young to compile balance sheets for Stanford’s companies because the receiver states almost all non-cash assets listed on Stanford’s Dec. 31 balance sheets are substantially overstated.

“Preliminary analysis of Stanford’s available financial records indicates that a very substantial amount of cash received upon sale of (the bank’s) CDs over the last few years … cannot be accounted for,” the receiver’s report reads. “Some of this cash may have been spent in ways that are not reflected in any of the available financial records … such as cash that may have been loaned to Allen Stanford or distributed to him as sole shareholder and then spent on personal consumption by him.

“This preliminary analysis suggests that the aggregate amount of such unaccounted-for cash may be in the range of $1 billion.”

...

65. Forensic Accountant: Stanford Assets "Grossly Overstated" - A managing director of the forensic accounting firm working with the court-appointed receiver to review the books of the Stanford Financial group of companies had some interesting things to say in a recent court filing. Stanford, which had a significant presence in Memphis, was accused by federal regulators of perpetrating a massive, multibillion-dollar fraud center around selling CDs that promised inflated or impossible returns. The balance sheet of Stanford’s banking arm as of December 31 showed total outstanding CDs of about $7.4 billion (reflected as liabilities) and investments of about $8.3 billion (reflected as assets). The assets could be used to pay the liabilities as they came due. However, “the $8.3 billion figure was grossly overstated,” according to the forensic accountant.

...

66. Local Advisers Named in Suit to Recover Stanford Money -

The court-appointed receiver who’s taken charge of the Stanford Financial Group’s business empire filed a lawsuit Wednesday in an attempt to recover more than $40 million Stanford paid 66 financial advisers. Five of the advisers are from the Memphis area.

67. Local Advisers Named in Suit to Recover Stanford Money -

The court-appointed receiver who’s taken charge of the Stanford Financial Group’s business empire filed a lawsuit Wednesday in an attempt to recover more than $40 million Stanford paid out to 66 financial advisers. Five of the advisers are from the Memphis area.

That group collectively has $1.6 million in compensation the receiver is looking to get back:

Jon Barrack: $241,751

Norman Blake: $233,858

Charles Brickey: $212,709

Chuck Hughes: $301,074

Scott Notowich: $679,932

Ralph Janvey, a Dallas attorney operating as Stanford’s receiver, is looking to recover Stanford assets and secure the company’s business operations and holdings. The money he’s seeking via the lawsuit was paid as commissions and other compensation for the sale of Stanford’s certificates of deposits.

Those CDs are at the heart of what the U.S. Securities and Exchange Commission believes is an $8 billion pyramid scheme. The SEC in February filed a civil complaint against Stanford, its chairman and two executives that, among other things, alleged the CDs were sold by promising inflated and near-impossible returns.

“Over just a two-year period, these financial advisers received commissions ranging in amounts from $2.6 million to $200,000, along with other incentive compensation, to promote the sales of CDs,” reads Janvey’s complaint filed this week in U.S. District Court for the Northern District of Texas.

Janvey contends the money is appropriate for him to recover because it was paid to Stanford employees who continued to bring new investors in to buy the company’s allegedly fraudulent products.

Stanford chairman R. Allen Stanford, chief financial officer James Davis and chief investment officer Laura Pendergest-Holt “kept their fraudulent scheme going by using the (financial advisers) to lure new investors,” the complaint reads. “The commissions, loans and other compensation paid to (the advisers) came not from revenue generated by legitimate business activities, but from monies contributed by defrauded investors.”

As part of its U.S. presence, Stanford operated a brokerage office in the East Memphis Crescent Center, and the company’s chief investment officer and chief financial officer at one time both worked there. The closure of Stanford’s Memphis office as a result of the broader investigation meant the loss of 50 jobs, according to information from the Tennessee Department of Labor and Workforce Development.

...

68. Pendergest-Holt Sues Former Stanford Atty. -

Laura Pendergest-Holt, the chief investment officer of Stanford Financial Group, has filed a lawsuit against Stanford’s former attorney and his firm that claims they “hung her out to dry” and seeks damages of more than $20 million.

69. Holt Sues Attorney In Stanford Financial Fallout -

Laura Pendergest-Holt, the chief investment officer of Stanford Financial Group, has filed a lawsuit against Stanford’s former attorney and his firm that claims they “hung her out to dry” and which seeks damages of more than $20 million.

70. SEC Sued by Fox Over Stanford-Related Info -

The Fox Business Network, a cable news channel and spinoff of the Fox News Network, has filed a lawsuit in New York against the U.S. Securities and Exchange Commission related to the collapse of Stanford Financial Group.

71. St. Jude Golf Tourney Drops Stanford Name -

This summer’s PGA Tour golf tournament in Memphis, formerly known as the Stanford St. Jude Classic, has been renamed in the wake of an extensive federal investigation of former title sponsor Stanford Financial Group. Reflecting the troubles surrounding Stanford, the tournament – scheduled for June 8-14 at Southwind – has dropped the name of Stanford and is now the St. Jude Classic.

72. St. Jude Golf Tourney Drops Stanford Name -

This summer’s PGA Tour golf tournament in Memphis, formerly known as the Stanford St. Jude Classic, has been renamed in the wake of an extensive federal investigation of former title sponsor Stanford Financial Group.

Reflecting the troubles surrounding Stanford, the tournament – scheduled for June 8-14 at Southwind – has dropped the name of Stanford and is now the St. Jude Classic.

The U.S. Securities and Exchange Commission last month described the Stanford family of companies as facilitating a massive investment fraud costing billions for investors.

The 52-year-old golf tournament has raised almost $22 million for St. Jude Children’s Research Hospital since 1970, including $2.5 million in 2008.

Tournament director Phil Cannon said a search is under way for “companies that are willing to invest their marketing dollars in our event,” and he said a title sponsorship for the tournament would translate into a seven-figure commitment lasting four to 10 years.

“Several issues are associated with changing the name of the event, and most have to do with where the logo appears in print, on uniforms, the Web site, things like that,” he said. “We have our sales cap on now.”

...

73. St. Jude Golf Tourney Drops Stanford Name -

This summer’s PGA Tour golf tournament in Memphis, formerly known as the Stanford St. Jude Classic, has been renamed in the wake of an extensive federal investigation of former title sponsor Stanford Financial Group.?Reflecting the troubles surrounding Stanford, the tournament – scheduled for June 8-14 at Southwind – has dropped the name of Stanford and is now the St. Jude Classic.

74. 50 Jobs Shed From Stanford Investigation -

The court-appointed receiver overseeing the assets of Stanford Financial Group has given the Tennessee Department of Labor and Workforce Development a little more detail about the employees who lost their jobs at Stanford following the U.S. Securities and Exchange Commission’s investigation of the larger company. The SEC has described it as a massive Ponzi scheme.

75. IRS Files $226M Claim Against Stanford -

As a Texas receiver sifts through claims against Stanford Financial Group, one creditor has asked to skip toward the front of the line – the Internal Revenue Service.

In a motion filed Friday “at the direction of the Attorney General of the United States,” the IRS claims R. Allen Stanford and soon-to-be-ex-wife Susan Stanford owe more than $226 million in federal income taxes, an amount that includes penalties and interest.

76. Miami Meetings at Center of Stanford Woes -

Thomas Sjoblom, an attorney at the international law firm Proskauer Rose LLP, walked into the office of a female Stanford Financial Group executive in Miami after a tense series of private meetings earlier on a February day with Stanford’s top brass.

77. Stanford Exec’s Lawyers Claim Gov’t Attorneys Mistreated Her -

Lawyers for Laura Pendergest-Holt, the chief investment officer of Stanford Financial Group whom federal investigators believe helped perpetrated a massive investment fraud, fired back in court this week.

78. SEC Calls Stanford "Massive Ponzi Scheme" -

The U.S. Securities and Exchange Commission has filed an amended complaint in Texas against three executives of the Stanford Financial Group family of companies charged last month by the SEC with defrauding investors.

79. UPDATE: SEC Calls Stanford "Massive Ponzi Scheme" -

The U.S. Securities and Exchange Commission filed an amended complaint in Texas this afternoon against three executives of the Stanford Financial Group family of companies charged last month by the SEC with defrauding investors.

80. Stanford Chief Investment Officer Charged, in Custody in Houston -

Laura Pendergest-Holt, the chief investment officer of the Stanford Financial Group family of companies who was charged last week in a U.S. Securities and Exchange Commission civil case, now faces criminal charges.

81. Mexican Citizens Seek Claim Against Stanford Financial -

Two Mexican citizens have asked the Texas federal court where a civil case brought against the Stanford Financial Group family of companies by the U.S. Securities and Exchange Commission is unfolding for permission to pursue their own claims against Stanford in another venue.

82. FINRA Names Richard Ketchum Chief Executive -

WASHINGTON (AP) – The brokerage industry’s self-policing organization on Tuesday named veteran regulator Richard Ketchum as its new chief executive officer. He promised tough action against financial fraud at a time when investor confidence is shaken.

83. Red Flags Abounded During SEC Probe Of Stanford Cos. -

WASHINGTON (AP) – As with the Bernard Madoff case, the scandal surrounding billionaire R. Allen Stanford now seems clear and obvious in hindsight. Yet Stanford managed to run his alleged scheme even while the U.S. Securities and Exchange Commission and other regulators investigated his businesses.

84. Scope of Stanford Scandal Vast, Deep -

When the U.S. Securities and Exchange Commission filed a complaint in federal court last week accusing Stanford Financial Group of defrauding billions from investors, the case was assigned to U.S. District Judge Sam Lindsay.

85. Stanford Attorney Quits Following CIO’s Testimony - Facing five representatives of the U.S. Securities and Exchange Commission’s Division of Enforcement, the chief investment officer of the Stanford Financial Group family of companies – a woman with close ties to Memphis – raised her right hand.

It was a little after 1 p.m. Tuesday Feb. 10, in the SEC’s office in Fort Worth, Texas. After being put under oath, SEC branch chief Michael King asked Stanford’s chief investment officer Laura Pendergest-Holt to spell her name for the record.

Exactly one week later – the following Tuesday – the SEC raided Stanford offices in multiple cities, including the company’s plush East Memphis digs in The Crescent Center. The agency charged Pendergest-Holt, along with chief financial officer James Davis and Chairman R. Allen Stanford with “a fraud of shocking magnitude” that involved defrauding and luring investors with inflated claims about the company’s products including its certificates of deposit.

Eyes on Texas

The timing of the SEC’s movement against Stanford is related to what happened in that Fort Worth office Feb. 10 – possibly in more ways than one.

For almost four hours, the SEC officials quizzed Pendergest-Holt, who in 2006 was named to the Memphis Business Journal’s Top 40 under 40, a ranking that honors the area’s local business leaders. In the room with her was Thomas Sjoblom, an attorney with the international law firm Proskauer Rose LLP who represented the Stanford company.

Whether the testimony he heard Pendergest-Holt give that day influenced an action he took the next day is unclear. But with little explanation, Sjoblom officially quit representing Stanford Financial’s affiliated companies the day after Pendergest-Holt’s testimony, according to court records the SEC filed last week along with its complaint against Stanford.

Before entering private practice, Sjoblom had worked for the SEC for 20 years. From 1987 to 1999, he was an assistant chief litigation counsel in the SEC’s Division of Enforcement – the same division of the agency whose representatives were peppering Pendergest-Holt with questions Feb. 10.

After she was put under oath, Sjoblom immediately got down to business.

Pre-empting the SEC officials, according to a transcript of the day’s testimony, he asked: “First of all, has there been a criminal referral in this matter?”

King told him that he and his client had been provided with an SEC Form 1662. Among other things, that form reads, “The commission often makes its files available to other governmental agencies, particularly United States Attorneys and state prosecutors. There is a likelihood that information supplied by you will be made available to such agencies where appropriate.”

At press time, criminal charges had not yet been filed against the three executives who were the subject of SEC civil charges last week.

Sjoblom followed that up with another question about whether the SEC is currently working with the U.S. Attorney’s office in the Northern District of Texas or elsewhere.

“Mr. Sjoblom, I just referred you to SEC Form 1662,” King replied.

Objections

Sjoblom pressed on. Before Pendergest-Holt began her testimony, he brought up a question of whether the SEC had authority to probe matters related to Stanford’s banking arm, which operates on the Caribbean island of Antigua.

The SEC complaint alleges that most of the bank’s investment portfolio was purportedly monitored from Memphis.

“OK,” Sjoblom said. “Next, before you start asking questions ... there’s certainly an issue here whether or not the certificates of deposit are securities. So I have an objection to the purported jurisdiction of the SEC over this instrument.

“Secondly, it’s my view that the bank is located – that’s Stanford International Bank – is located outside the jurisdiction of the United States and there is no jurisdiction by the SEC over that bank and its product lines and, hence, over the information that, I’m sure, you’re going to seek to elicit today.”

Nevertheless, the testimony proceeded. The line of questioning from the SEC officials focused on filling in both personal and professional details about Pendergest-Holt.

They learned, for example, that she was about 23 years old when she joined Stanford in June 1997. They also learned enough to allege in their complaint that she trained employees below her to mislead investors.

The SEC’s complaint says Pendergest-Holt supervised “a group of analysts in Memphis, Tupelo and St. Croix, (U.S. Virgin Islands).”

Cutting ties

The Stanford lawyer in the room while Pendergest-Holt gave her testimony, however, soon removed himself from the picture. He gave notice to the SEC Feb. 11, the day after her testimony, that his firm was no longer Stanford’s counsel.

He followed that up with a Feb. 12 fax to Kevin Edmundson, the assistant regional director in the SEC’s Forth Worth office, and left a voice mail message for him the next evening.

Finally, Sjoblom typed a note on his BlackBerry to Edmundson a little after 4 p.m. Saturday, Feb. 14. It read: “Kevin, this will advise the SEC, and confirm my voice message last evening, that I disaffirm all prior oral and written representations made by me and my associates ... to the SEC staff regarding Stanford Financial Group and its affiliates.”

Three days later, the SEC swung into action, charging the Stanford officials with what Rose Romero, regional director of the SEC’s Fort Worth Regional Office, called a “fraud of shocking magnitude that has spread its tentacles throughout the world.”

...

86. Stanford Bank’s Investors Go Home Empty-Handed -

ST. JOHN’S, Antigua (AP) – Venezuela on Thursday seized a failed bank controlled by Texas billionaire R. Allen Stanford after a run on deposits there, while clients were prevented from withdrawing their money from Stanford International Bank and its affiliates in a half-dozen other countries.

87. Stanford Deployed Web of Lies, Documents Show -

WASHINGTON (AP) – Disgraced banker R. Allen Stanford’s pitch to investors was equal parts glamour and flattery.

88. Class-Action Suit Filed Against Stanford -

A class-action lawsuit has been filed in federal court in Texas on behalf of investors who have money tied up in the Stanford Financial Group family of companies, the business enterprise tagged in a sprawling complaint by the U.S. Securities and Exchange Commission this week alleging a massive fraud.

89. Details Emerge in Stanford Fraud Case -

Word of the $50 billion Ponzi scheme perpetrated by a New York businessman was still a hot topic in the investment community when a note to depositors appeared on Stanford International Bank’s Web site.

90. STANFORD SHOCKER -

The U.S. Securities and Exchange Commission has charged a Texas billionaire whose family of companies has deep ties to Memphis with an $8 billion securities fraud.

Asking for “emergency relief to halt a massive, ongoing fraud,” a complaint issued by the SEC Tuesday alleges the businessman, R. Allen Stanford – chairman of the Stanford Financial Group of companies – schemed to sell about $8 billion worth of certificates of deposit that promise higher returns than would have been available with genuine CDs offered by traditional banks.

91. Stanford Financial Chairman Charged With $8B Fraud - The U.S. Securities and Exchange Commission has charged a Texas billionaire whose family of companies has deep ties to Memphis with an $8 billion securities fraud.

Asking for "emergency relief to halt a massive, ongoing fraud," a complaint issued by the SEC Tuesday alleges the businessman, R. Allen Stanford – chairman of the Stanford Financial Group of companies – schemed to sell about $8 billion worth of certificates of deposit that promise higher returns than would have been available with genuine CDs offered by traditional banks.

Also named in the Texas complaint are James Davis, the chief financial officer of Stanford Financial Group Inc. who works in East Memphis’ Crescent Center, as well as Laura Pendergest-Holt, the chief investment officer of Stanford Financial Group. She supervises a group of analysts in Memphis, among other places, according to the SEC.

"Stanford and Davis have wholly failed to cooperate with the commission's efforts to account for the $8 billion of investor funds purportedly held by SIB (Stanford International Bank, the banking unit of the family of companies)," the SEC's complaint reads. "In short, approximately 90 percent of SIB's claimed investment portfolio resides in a 'black box' shielded from any independent oversight."

The particulars

Stanford's banking unit claims $8.5 billion in assets, and its brokerage unit reportedly has about $50 billion in assets. The SEC alleges the bulk of the banking unit’s investment portfolio was monitored by two people – Stanford and Davis.

The company and its executives cast a long shadow in Memphis, as does the sprawling complaint unveiled this week.

Law enforcement personnel Tuesday entered Stanford offices in the U.S. in more than one city, including Memphis. Memphis FBI officials could not be reached Tuesday afternoon, but were believed to be seizing records there.

The day before the SEC’s allegations were unveiled, a Stanford Financial Group spokesman told The Daily News the company was cooperating with investigators.

“Both FINRA (the Financial Industry Regulatory Authority) and the SEC have stated to us that their recent visits to our offices were part of a routine examination,” said Brian Bertsch. “We have provided U.S. regulators with the information requested and intend to comply fully with any findings or recommendations they may issue.”

Bertsch would not confirm if the company’s Memphis office was one of six locations visited in January by the SEC and FINRA.

Far-reaching operation

More than three dozen police officers and other law enforcement officials entered two Stanford Group office buildings in Houston Tuesday morning, according to The New York Times.

Several key aspects of the case, meanwhile, point to activities of the company that unfolded in Memphis or are related to the Bluff City.

"SIB's multi-billion (dollar) portfolio of investments is purportedly monitored by SFG's chief financial officer in Memphis, Tenn.," according to the SEC. That executive, James Davis, refused to appear and give testimony in the SEC investigation.

Meanwhile, “The bank's (senior investment officer) was trained by Ms. Pendergest-Holt to tell investors that the bank's multi-billion (dollar) portfolio was ‘monitored’ by the analyst team in Memphis,” the SEC’s complaint reads. “In communicating with investors, the SIO followed Pendergest's instructions, misrepresenting that a team of 20-plus analysts monitored the bank’s investment portfolio. In so doing, the SIO never disclosed to investors that the analysts only monitor approximately 10 percent of SIB's money.

“In fact, Pendergest-Holt trained the SIO ‘not to divulge too much’ about oversight of the bank's portfolio because that information ‘wouldn’t leave an investor with a lot of confidence.’”

One spark that may have added fuel to the fire concerns allegations from former Stanford employees.

D. Mark Tidwell and Charles Rawl last year filed a wrongful termination suit in state court in Texas alleging “various unethical and illegal business practices, including overstating the asset value of individuals in a manner designed to mislead potential investors and purging electronic data from computers in response to an investigation by the Securities and Exchange Commission,” according to a court filing in the Texas case. “According to Tidwell and Rawl, they left the company after realizing that they could possibly be implicated in the alleged illegal acts.”

Wellspring of support

The charges cast a dark cloud over a company that has been a generous benefactor of several causes in Memphis.

In the most recent edition of the Stanford Eagle, the in-house magazine of Stanford Financial Group, Stanford is shown seated among a quartet of children who all appear to be patients of St. Jude Children’s Research Hospital. All of them are smiling, and one is sitting on the businessman’s knee, cradled in his arm.

St. Jude is among the many local causes supported by Stanford's business interests. The annual Stanford St. Jude Championship alone has raised more than $19 million for the hospital since 1970. Stanford signed on as the major sponsor in 2007 after FedEx shifted its involvement.

The Houston-based financial services company, which operates an investment brokerage office in Memphis, provides financial support to the hospital as its “corporate charity of choice,” according to the magazine.

In the most recent edition of the magazine, Tony Thomas, the son of St. Jude founder Danny Thomas, said Stanford’s chairman “has been a blessing for us and for the children and patients of St. Jude. … His support has resulted in $15 million in the last three years.”

Among the Memphis causes it supports, the Houston company is a corporate sponsor of the National Civil Rights Museum and a contributor to the Greater Memphis Arts Council, the Boys and Girls Club of Memphis and the Ave Maria Foundation of Memphis, according to a report from Stanford about its community investments. Stanford’s charitable foundation also is based in Memphis.

A reception several years ago to celebrate the company’s growth in Memphis was held at the home of local fashion designer Pat Kerr Tigrett, with guests including Memphis Mayor Willie Herenton and FedEx founder Frederick W. Smith, according to news accounts of the event.

...

92. SEC and FINRA Probe Stanford Financial -

Stanford Financial Group Inc., a Houston financial services company with an investment brokerage office in Memphis and which is a benefactor to several causes in Memphis, has caught the eye of federal investigators.

93. Stanford Financial Being Investigated By SEC and FINRA -

Stanford Financial Group Inc., a Houston financial services company with an investment brokerage office in Memphis and which is a benefactor to several causes in Memphis, has caught the eye of federal investigators.

94. Arts Groups Given Stanford Grants -

Theatre Memphis and Voices of the South recently received the fourth annual Stanford Financial Excellence in the Arts Award at a reception at The Crescent Club hosted by Stanford Financial Group and ArtsMemphis.

95. Simpson Joins FirstBank As Local President -

Ted Simpson has been hired by FirstBank as its Memphis city president.

Simpson previously served as executive vice president and chief lending officer for Magna Bank and has experience with National Bank of Commerce and Central Park Capital. He also is currently on the board of Lambda Alpha, a real estate professional organization.

96. Cash Wants to Enlist Paid Tutors From Student Ranks -

As part of the sweeping overhaul he envisions bringing to Memphis City Schools, new district superintendent Dr. Kriner Cash wants to enlist students to work for the school system as tutors.

“What if instead of working for Back Yard Burger … for $6 an hour, work for me. Work for city schools,” Cash said last week to about 250 members of the Memphis Rotary Club.

97. Hedge Funds are Buying up Delinquent Mortgages -

Guess who holds your mortgage now? It's your friendly neighborhood hedge fund.

Dozens of hedge funds, private equity groups and other investors have plunged into the beaten-down mortgage market in recent months, buying tens of thousands of distressed loans and foreclosed properties around the country. They hope to profit from the woes of banks and other investors holding mortgages that have plummeted in value as home values sink and defaults soar.

98. Stanford Financial, Chairman Receive ALSAC/St. Jude Award -

ALSAC, the fundraising organization behind St. Jude Children’s Research Hospital, has presented Stanford Financial Group and its chairman, Sir Allen Stanford, each with high honors for their contributions to the hospital and ALSAC.

99. U of M’s Palazolo Receives Engineering Education Award -

Dr. Paul Palazolo, assistant dean and assistant professor in the Department of Civil Engineering at the University of Memphis’ Herff College of Engineering, has received the Peter G. Hoadley Award for Outstanding Engineering Educator from the Tennessee section of the American Society of Civil Engineers.

100. Harmon Receives Pro Bono Award -

Whitney Harmon, an attorney at Glankler Brown PLLC, has received the first Frank J. Glankler Jr. Pro Bono Award.

Glankler Brown committed this year to taking a minimum of 35 pro bono cases each year from Memphis Area Legal Services, an organization that provides legal assistance for people unable to afford representation. Harmon practices in the area of civil litigation and is a member of the American, Tennessee, Kentucky and Memphis Bar Associations, as well as the Association for Women Attorneys.